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The Deadline |
| The deadline for making contributions for the 2004 tax year is March 1, 2005. |
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Maximum Contribution |
Since 2003, the RRSP maximum limit has increased from $13,500 in 2002 to $14,500 in 2003 to $15,500 in 2004 and it will be $16,500 in 2005. This means that you can earn up to $91,667 before you max your RRSP contribution at $16,500.
Look at your most recent Revenue Canada Notice of Assessment to determine your contribution limit for the 2004 tax year.
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Overcontributions |
You are allowed an overcontribution of $2,000 to your RRSP without penalty. But you won't get a tax break on the excess contribution until it is claimed as part of your RRSP deduction in a future year. Any amount in excess of $2,000 is subject to a penalty of 1% a month.
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Unused Contributions |
Under current Revenue Canada rules, any unused contribution room you have dating back to 1991 can be carried forward to increase your contribution limit for the 2004 taxation year, or any year beyond.
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| Best rates based on a minimum $5000 investment.(9/5/2008) |
| Term |
Average
Big 5 Rate |
GIC Direct's
Best Rate |
| 1 yr |
2.25% |
4.01% |
| 2 yrs |
2.60% |
4.11% |
| 3 yrs |
2.85% |
4.41% |
| 4 yrs |
2.95% |
4.51% |
| 5 yrs |
3.20% |
4.54% |
| 'Big 5' refers to average rates taken from
BMO, ScotiaBank, CIBC, Royal Bank, and TD for respective terms. |
|
| Best rates based on a minimum $5000 investment.(9/5/2008) |
| Term |
Big 5's
Best Rate |
GIC Direct's
Best Rate |
| 1 yr |
2.25% |
4.01% |
| 2 yrs |
2.60% |
4.11% |
| 3 yrs |
2.85% |
4.41% |
| 4 yrs |
2.95% |
4.51% |
| 5 yrs |
3.20% |
4.54% |
| 'Big 5' refers to average rates taken from
BMO, ScotiaBank, CIBC, Royal Bank, and TD for respective terms. |
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